Bitcoin (BTC) may have fallen short of the $40,000 mark, but this week’s advances have aided in the formation of a more meaningful breakout for underlying price strength. Over the previous day, the worldwide crypto market cap increased by more than 1%.
Many people are thinking that another ‘crypto winter’ is on the way due to the recent market slump. This happened the last time between late 2017 and early 2018. Bitcoin’s price had plummeted by 80% from its all-time high at the time.
Price Targets for BTC, ETH, and ALGO
As the markets struggle to recover from a poor start to 2022, a well-known crypto analyst has set price objectives for three crypto assets. The host of the financial education YouTube channel InvestAnswers presents a Bitcoin (BTC) chart from CryptoStackers creator Forrest Przybysz in a new strategy session.
Three essential price range criteria are plotted on the chart: accumulation in the lows, mean reversion, and overextension, which lays out expected rally peaks.
Talking about Forrest Przybysz’s chart, he said that he admires his basic graphics and how conservative he is with his estimates. This bull market, he says, might take us to $102,000 this year. The shopping layer is between $30,000 and $25,000 – but obviously a little higher. The mean reversion line is around $51,000. At $25,000, we’re not going to see that. We didn’t even come close to getting under $31,000.
Bitcoin has managed to maintain its comeback from its monthly low of under $34,000 on January 24th, but it is still 17.9% behind its New Year’s Day price of $47,292.
Next up is Ethereum (ETH), the most popular smart contract platform, which has lost 25% so far this year.
While analyzing the status of ETH 2.0, the crypto analyst refers to another CryptoStackers chart to understand where the project might be heading next. He said that if we look at this chart, you’ll notice the accumulation zone [$1,881], which we’re currently well above. Reversion to the mean is around $3,760. And there’s a $7,500 overdraft.
We spent the entire year of 2021 talking about ETH 2.0, which is now obsolete and no longer exists. They’re essentially renaming what it used to be. Perhaps that will allow them to buy more time, but we’ll have to see if we can get there at all.
“Many people are saying… consensus mechanism is not going to be ready until probably 2023.That’s reflected by, as we saw, the money outflows, the lack of confidence, and money flowing into other assets as we go forward.”
It is an open-source, decentralized blockchain network, that comes in last on the list.
The InvestAnswers host is wary of The Motley Fool’s claim that Algorand will be the Solana of 2022. Looking at Algorand’s chart for the last 12 months, it’s flat. According to him, it’s very much the same as it was a year ago. For an entire year to be lost, that’s never a good sign.